Phoenix Home Sales Increase for 11th Month

DQNews -- Phoenix-area November home sales fell from October but jumped 62% above the unusually low levels of a year earlier, largely because of strong demand from first-time buyers and investors (see chart above). The median price paid edged above the prior month for the seventh consecutive month as foreclosure resales continued to play a large but fading role in the market, a real estate information service reported. November’s total sales were the highest for that month since November 2006, when 10,482 homes sold. Total home sales have increased on a year-over-year basis for 11 consecutive months, while total resales (no new homes) have risen on an annual basis for 17 consecutive months.

Phoenix-area November home sales fell from October but jumped 62 percent above the unusually low levels of a year earlier, largely because of strong demand from first-time buyers and investors. The median price paid edged above the prior month for the seventh consecutive month as foreclosure resales continued to play a large but fading role in the market.

The median price paid in November for all new and resale houses and condos combined was $142,700, up 3.4% from $138,000 in October but down 12.4% from $162,984 a year ago. It was the smallest year-over-year decline in the median sale price since January 2008, when the median fell 11.8% below the prior year to $225,000.